The Nasdaq has backed away from 5000 today and the S&P500 has come off all-time highs. US equities have followed European stocks lower in the absence of any major catalysts. As of writing, the DJIA is down 0.60%, the S&P500 is down 0.55% and the Nasdaq is down 0.90%.

The US Dollar index rose above 95.50 this morning to its highest level in 11 years. EUR/USD crept closer to the YTD lows, dropping to 1.1160 before ticking slightly higher. USD/JPY nudged above 1.20, with the yen at its weakest level since mid January, although the pair has retreated to 119.5 today. Note that the 10-year UST yield is moving up a few basis points today, to 2.096% even as equ
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